UAE to spend $35 billion to diversify energy sources
“We need to minimise our reliance on natural gas and its imports,” Suhail Al Mazroui said at an energy event.
“We are investing $35 billion for that purpose,” he said, adding the aim is to decrease the Opec member’s dependence on natural gas from 100 per cent now to 70 per cent by 2021.
The UAE plans to boost natural gas production to help meet growing domestic demand. Meanwhile, the UAE is moving ahead with its oil and gas investment plans despite the current drop in oil prices, the energy minister added.
“Investments are going, we are continuing with our investments,” he said. ■